The Knesset approved early Tuesday morning, in its second and third readings, the proposal for an additional budget for the 2024 fiscal year, aimed at increasing the budget for the defense sector to cover war expenses.
62 Knesset members voted in favor of the proposal, while 52 opposed it.
The proposal sets the total expenditure for the 2024 fiscal year at 760.5 billion shekels, consisting of a regular budget of 557.7 billion shekels and a development and capital account budget of 202.8 billion shekels.
As part of the proposal, the expenditure budget will be increased by 33.2 billion shekels, with approximately 31 billion shekels allocated to the defense budget and about 1.8 billion shekels for financing the increase in interest payments on government debt.
The Knesset also approved, in its second and third readings, the law to increase the deficit due to the country’s defense expenses during the war. This law was also supported by 62 Knesset members, with 52 opposing.
The law stipulates that the total deficit for 2024 will not exceed 7.7% of the Gross Domestic Product, and the permissible government expenditure will increase by 17.8% compared to the previous year.
Later, the Knesset also approved the extension of the state of emergency for another year, until December 2025, in line with the government's request.
In a state of emergency, the government is authorized to issue emergency regulations that override Knesset legislation. These regulations are valid only during the declared emergency period.